No part of the net earnings of an authority remaining after payment of its expenses shall inure to the benefit of any person other than a university, a governmental entity, a political corporation, or any nonprofit corporation that is an organization described in Section 501(c)(3) of the Internal Revenue Code.
(Act 2016-201, §22.)
Terms Used In Alabama Code 16-17A-22. Disposition of excess revenues
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1